Square Mile net zero on track by 2040 as City of London cuts carbon

The Square Mile net zero push is progressing, with the City of London Corporation reporting a 24% fall in carbon emissions across the Square Mile between 2017 and 2022. That reduction is described as the equivalent of powering 81,000 homes for a year. The Corporation says it remains on track to reach net zero by 2040, according to its latest Climate Action Strategy progress report.

The City Corporation’s own net emissions across its full value chain have fallen by 28% since 2018, which it equates to the annual electricity use of 50,000 homes. Over the past year the City has also installed more than 2,500 m² of climate-resilient greening, expanded cycling infrastructure, and planted new trees that are intended to cool street temperatures.

What changed in the last year

• 2,500 m² of climate-resilient vegetation installed across the Square Mile
• 72 new trees planted, with modelling that suggests street-level cooling by up to 6°C
• Over 70 hectares of wildflower meadows created across City-managed open spaces, nearly 100 football pitches in area
• 214 metres of new cycle lanes delivered, with walking, wheeling and cycling now accounting for 85% of on-street travel in the City

“Despite wider challenges such as the slow decarbonisation of the UK grid, we remain firmly on track to achieve our 2040 net zero carbon and climate resilience targets across both the City Corporation’s activities and the Square Mile,” said Chris Hayward, Policy Chairman at the City of London Corporation. “From cutting emissions across our own value chain by over a quarter to creating climate-resilient green spaces and generating our own clean power, bold climate action is delivering benefits across the board, reducing costs, protecting communities, and safeguarding the Square Mile’s future.”

Alderman Alison Gowman, the City Corporation’s Climate Action Lead, said progress has come from investment and collaboration.

“Since launching the Strategy in 2020, we have made strong progress in cutting carbon and reducing climate risks, from greening and sustainable drainage to decarbonising the Square Mile through transport and planning initiatives. Our investment has accelerated delivery, putting us on track for net zero across our full value chain and the whole Square Mile by 2040. This achievement is down to collaboration with our supply chains, tenants, and communities. But we are going further, and faster, scaling up heat networks, greening our infrastructure, and embedding sustainability across our investments.”

Recognition and renewable power

The City Corporation retained its place on the Carbon Disclosure Project’s A-list this year, which places it among the top 15% of assessed cities worldwide.

Since 2018 the organisation has purchased 100% renewable electricity. Since 2021 more than half has been sourced through a Power Purchase Agreement with a Dorset solar farm. That arrangement supplies power to major City landmarks including Tower Bridge and the Barbican Arts Centre. In the past year 132 solar panels were installed on the roof of the London Metropolitan Archives, generating about 10% of the site’s annual electricity and saving an estimated £25,000 per year.

Carbon absorbed by open spaces

The City Corporation manages about 11,000 acres of open spaces across London and the South East, including Epping Forest and Hampstead Heath. These landscapes are estimated to remove 16,230 tonnes of carbon each year, which the Corporation says is about two thirds of its 2024 to 2025 operational carbon footprint.

Want more London climate and infrastructure updates that affect daily life in the capital? Follow EyeOnLondon City for ongoing coverage, practical explainers, and local voices on what net zero means for the Square Mile.

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